This week the Dow seemed to never want to come down, as the first four days of the week saw it make new highs day after day. On Friday, however, the Dow finally weakened as weaker than expected economic data was released.
This weeks snapshot
DJIA: Up 87.89 or 0.73%
S&P 500: Up 8.74 or 0.64%
NASDAQ: Up 8.32 or 0.36%
The Dow weakened on Friday as the Commerce Department released the 3Q GDP numbers that showed the economy grew at a weak 1.6%. This was the weakest growth in three years for the market and was below exceptions by economists. The report showed the housing market dropped in residential investment by 17% the weakest since 1991. This was not of surprise to Wall Street because they were already prepared for a weak real estate market following the incredible rise in it the past few years.
Oil was up for the week on continued fears of OPEC cutting production and the impact it will have on the economy. Futures were up $1.42 or 2.39% for the week.
Overall this run up of the economy has been impressive to say the least. We feel that one can still find stocks that are comfortably priced given the value investor guidelines. Until next week have a productive and profitable week!